US and China agree to slash tariffs in trade war de-escalation- business live

News Snapshot:

From 27m ago 08.12 BST US and China agree 90-day pause - to cut tariffs by 115% Newsflash: the US and China have agreed to lower tariffs on each other’s goods substantially for 90 days, following their negotiations last weekend. Speaking in Geneva, treasury secretary Scott Bessent says that “both sides will move their tariffs down by 115%”, having agreed a 90-day pause. That’s a significant de-escalation in the trade war that blew up last month. Before today, the US had lifted its tariff on China to 145% (including the 20% tariff added to tackle fentanyl imports into the US),...